First Home Buyers - read on ...
Jul 03, 2023With this new financial year 2023/24 comes changes to various schemes with Revenue NSW. So if you're a first home buyer in particular, read on - the following changes apply to contracts that are exchanged on or after 1 July 2023:
1. First Home Buyers Assistance Scheme
The FHBAS grants exemptions from or concessions to stamp duty payable on the purchase of a new or existing home, or vacant land on which to build a home. The thresholds for contracts exchanged on or after 1 July 2023 have just increased to the following:
- A new or existing home (residential property)
- Full exemption - $800,000
- Concession - more than $800,000 and less than $1,000,000
- Vacant land (on which you intend to build a home)
- Full exemption - $350,000
- Concession - more than $350,000 and less than $450,000
Contracts that exchanged prior to 1 July 2023 are still subject to the former thresholds (that is, $650,000 and $800,000 respectively for residential property).
All of the important information about the FHBAS is available in the First Home Buyers Assistance Scheme Guide.
2. First Home Buyer Choice
This scheme is no longer available for contracts exchanged on or after 1 July 2023. It is still available for contracts entered into before 1 July 2023, but only if the purchaser has not yet settled.
3. Residence requirements
For contracts exchanged on or after 1 July 2023, the purchaser must move into the home within 12 months of settlement and live in the property for a continuous 12 month period.
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For further information, you can read more at the Revenue website - News and updates | Revenue NSW.
Contact the Shire Legal team if you have any questions.
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